Higher inflation, tighter operating allowances and rising geopolitical uncertainty are turning this year’s budget into a test of national priorities.
- Lecturer in Economics, University of Waikato
There’s no crystal ball when it comes to the future of New Zealand’s economy. But to understand the upcoming budget, people need to understand why forecasting is so hard.
New Zealand’s history of inflation, recessions and unemployment offer clues to what might happen next. Coupled with global events, the outlook is not promising.
The Public Finance Act is designed to prevent shocks and ‘fiscal cliffs’. And it is unlikely any problems faced by Nicola Willis will match the scale of those that dogged previous governments.
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